Callaghan Innovation and Endace reach agreement
Callaghan Innovation and Endace have reached agreement over the return of R&D grant funding provided over recent years.
Endace will return a sizable portion of recent grant funding to the Crown. However, reflecting the fact that there will be residual benefits to New Zealand from the work Endace was funded to undertake – among them the ability of trained and qualified staff to find work in the industry here, including with the newly independent Endace – Endace has not been required to repay the entire amount theoretically subject to clawback provisions.
The agreed settlement is for $1.9m. Endace’s most recent Growth Grant (effective from 2013) saw just over $1.8m drawn down. The company received Technology Development grant money in 2010, which was at the end of the clawback provision period. Endace also received a number of student grants to oversee post-graduate students during R&D work, for which the majority of the benefit is considered to accrue to the student, rather than the company.
If you’d like to know more about securing a Callaghan Innovation Growth grant for your company, contact us at the resources guys.